Afraid of risk, afraid of new ideas, afraid of losing your income – these are the internal fear drivers that keep business from growing. It’s crazy to think that you are your own worst enemy. “But we have always done it this way” has been the cause of thousands of business model failures in both small and large companies. Why are business owners so afraid? As Oren Klaff told us in Pitch Anything, we process things in our old crocodile brains. Which means that we stick with what we know because we are thinking in our “crocodile” brain. “What we know” is killing our business yet we are too afraid to change it. Highly educated people will continue to lead their business down the wrong path because they don’t want to take risks. Vicious cycle. So how do you break it?
Tag Archives: Business
Merriam-Webster defines risk as “someone or something that creates or suggests a hazard”. For small business owners, Risk is the Name of the Game. Every decision revolves around risk. It’s exciting and not for the faint of heart. Small business owners need to make “risk” decisions daily. How much risk are they willing to accept to achieve their goals? Continue reading
Several weeks ago, I received a letter from a young man, Sam, who was set to leave the military. He introduced himself and asked if I could meet with him. His goal was to learn more about potentially starting his own business and get connected in the community. I scheduled the appointment thinking I could talk to him about the pros and cons of starting your own small business.
Increasing profitability is usually the top priority for a small business. When identifying revenue barriers, a good place to start is measuring the strength of your talent pool. This area is often ignored especially by business owners who employ family and friends. Corporate companies track revenue per employee and use industry benchmarks to build healthy organizations. Small businesses do not. This simple ratio (gross revenue divided by number of employees) can quickly identify a revenue opportunity.